In a new study published by personal finance website Wallethub, New Jersey was ranked, unsurprisingly, as having the most oppressive property taxes in the United States.
The study found that New Jersey has the highest effective property tax rate at 2.47%, 0.17% higher than the next-closest state Illinois, and a whopping 2.20% higher than Hawaii, the #1 state to consider retiring to if you’re looking for some property tax relief.
The median New Jersey home is valued at $327,900 and the owner of a median-valued home would be paying $8,104 just in property taxes. Contrast that with Hawaii, whose median home is valued at $587,700 but would only cost a homeowner $1,607 in property taxes.
Well at least we are number one in something, and thanks to our Governor we will hold the title for many years to come, just look at his new budget tax hikes to the MAX.